https://www.taxtmi.com/caselaws?id=101744 The court dismissed the petition for winding up the company filed by preference shareholders due to non-payment of amounts on their shares. It held that preference shareholders do not qualify as creditors under the Companies Act when their shares are not redeemed by the company, emphasizing that preference shares are part of the share capital and do not automatically convert into loans. Therefore, the petition was deemed not maintainable in law, and no costs were awarded. en-us Fri, 11 Mar 1988 00:00:00 +0530 Fri, 10 Feb 2012 18:28:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101744 The court dismissed the petition for winding up the company filed by preference shareholders due to non-payment of amounts on their shares. It held that preference shareholders do not qualify as creditors under the Companies Act when their shares are not redeemed by the company, emphasizing that preference shares are part of the share capital and do not automatically convert into loans. Therefore, the petition was deemed not maintainable in law, and no costs were awarded. Case-Laws Companies Law Fri, 11 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101744